The State Bank of Pakistan (SBP) has started the creation and issuance of a New Banknotes Series comprising all current denominations.
Central banks have a long-standing policy of launching new banknote series every fifteen to twenty years in order to maintain the security of the currency and keep it up to date with technical advancements in security features and design.
The SBP is holding an art competition to provide creative and theme-based design concepts for the new banknote series as part of the preliminary design phase. By March 11th, 2024, local designers, artists, and art students can submit their concepts to SBP. There will be cash awards given to the top three designs in each of the current seven denominations.
Reputable professional banknote designers will be given access to the design concepts and themes that were decided upon following the art competition. They will then be chosen in a competitive procedure to create the final printable designs for each denomination.
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The Federal Government will be consulted for approval of the final designs. A new banknote series’ issuance process entails a number of procedures and stages, including careful planning and cooperation amongst numerous parties. A new banknote series typically takes two to three years to introduce; however, the SBP hopes to finish the process in the next two years.
Even when a new series of banknotes are issued, the current series will still be in use. After the new banknotes are released and sufficiently in circulation, any decision to remove the current series from circulation will be made gradually and phased in.
Terms & Conditions
- The participants can share the design of all seven (07) of the currently available denominations (Rs. 10, 20, 50, 100, 500, 1000, and 5000) or just some of them.
- Each banknote’s design must be delivered in hard copy on white paper with an explanation of the design and its concept written in no more than 100 words, either in English or Urdu.
- Every banknote denomination should have a distinct color that is easy to identify.
- Reputable artists on the jury will assess each design and suggest the top six (06) designs for each denomination to the SBP, who will then select the best three designs for each denomination.
- Prizes of Rs. 1,000,000, Rs. 500,000, and Rs. 300,000 will be awarded to the first, second, and third designs of each denomination, respectively.
- The participants are responsible for making sure that their submitted designs are free of liabilities and/or copyright issues.
- The jury members, employees of SBP and its subsidiaries, and their families are not permitted to enter the art competition.
- The SBP shall own all rights to the designs submitted in the art competition. It shall be free to distribute the designs, or any modifications thereto, to banknote designers for the sole purpose of designing banknotes, without further payment.
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